Business
GoPro Announces Fourth Quarter and 2023 Results
2023 Revenue of $1.0 billion 3 million Camera Units Sold, up 6% Year-over-Year GoPro Subscribers Grew 12% Year-over-Year to 2.5 million Subscription and
About this update from Gopro, Inc.
[{"type":"text","content":" 2023 Revenue of $1.0 billion\n3 million Camera Units Sold, up 6% Year-over-Year\nGoPro Subscribers Grew 12% Year-over-Year to 2.5 million\nSubscription and Service Revenue was $97 million, up 18% Year-over-Year \nSAN MATEO, Calif., Feb. 7, 2024 /PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) today announced financial results for its fourth quarter and full year ended December 31, 2023 and posted management commentary, including forward-looking guidance, in the investor relations section of its website at https://investor.gopro.com.\n\n \n \n \n \n \n \n\n \n\"Our growth strategy led to significant retail channel sell-through increases in the fourth quarter and second half of 2023,\" said Nicholas Woodman, GoPro's founder and CEO. \"We're looking forward to launching several new products throughout the year, opening more retail doors at a steady rate and activating a larger number of marketing initiatives to drive awareness and demand.\"\n\"During 2023, our capital allocation policy resulted in the repurchase of $50 million in aggregate principal amount of the 2025 Convertible Notes in exchange for $46 million, and we repurchased $40 million in stock, which resulted in a reduction of 15 million shares or 9% of fully diluted shares,\" said Brian McGee, GoPro's CFO and COO.\nFor details on GoPro's Q4 and full year performance and outlook, please see the management commentary referenced above and posted in the investor relations section of our website at https://investor.gopro.com.\nQ4 2023 Financial Results \nRevenue was $295 million, down 8% year-over-year.Subscription and service revenue increased 13% year-over-year to $25 million.GoPro subscriber count ended Q4 at 2.5 million, up 12% year-over-year.Revenue from the retail channel was $228 million, or 77% of total revenue and up 18% year-over-year. GoPro.com revenue, including subscription and service revenue, was $67 million, or 23% of total revenue and down 47% year-over-year.GAAP net loss was $2 million, or a $0.02 loss per share, down from net income of $3 million or $0.02 per share, in the prior year period. Non-GAAP net income was $2 million, or $0.02 per share, down from non-GAAP net income of $21 million, or $0.12 per share, in the prior year period.GAAP and non-GAAP gross margin was 34.2% and 34.4%, respectively. This compares to GAAP and non-GAAP gross margin of 32.5% and 3...